CBDC Are you ready ?

CBDC... are you ready ?  Do you know what a CBDC is ? 

 CBDC stands for Central Bank Digital Currency.  

Note:  Bitcoin is used frequently as an example in this article, but it’s only one of many in use today. Bitcoin is better known because it was the trail blazer if you will.  It has become synonymous with Cryptocurrency just like say Kleenex has with tissues, or Scott Towels with paper towels.

For those that may not know exactly what a CBDC is… it’s a form of Cryptocurrency that you may have heard of, such as Bitcoin.  Both are using “encryption algorithms”, however… that’s where the similarity ends.  CBDC’s are nothing like Cryptocurrency in that they are controlled by the government and co-controlled if you will by the Central Bank(s).   Cryptocurrency on the other hand is controlled by what’s called “distributed ledger technology”.  Loosely defined that means no one entity controls the cryptocurrency, rather multiple individualized groups, entities and others control it and no ONE entity can make changes without the consensus of all. Governments hate true decentralized cryptocurrency because they can’t control it like they can with FIAT money today.  Today governments can print more money whenever they want to spend money they don’t have.  That’s whey there is so much Fear, Uncertainty and Doubt (FUD)  spread about cryptocurrency… governments would like it to go away in favor for something they have complete control over just like they do today with cash. 

 CBDC’s can be COMPLETELY controlled by Central Banks and governments.  They can control it to the point of automatically drafting taxes they think you owe, or when and where you can spend your CBDC’s.  Say for instance they want to control what groceries you buy, they can code the retailer’s check-outs to check the codes on your account and not let you buy meat for example, or liquor, or gas for your car.  Remember, CBDC’s are all digital, and as such it takes only a click of some bureaucrat’s mouse to change the codes on your account.  You will have NO control over their ability to dictate how and when you spend your money.

You may have heard about the 15-minute cities (https://www.youtube.com/watch?v=nPXOL9brjis )  If/when this 15-minute city concept becomes a reality, if you drove outside your 15-minute city range they could turn off your money.  If you wanted to go to a mall 30-minutes away from your home and went to purchase something, you could find the clerk saying I’m sorry but that purchase was declined.  Just think about all the places you spend your money (the money YOU earned) and then think about what if you needed to ask the government for permission to spend it on what you wanted.  Would you be OK with that?  Would you be OK with that in the name of Climate Control, or Health Control? 

CBDC’s have possibilities (ramifications) that most would find unthinkable, and unreasonable, and most often unconstitutional. 

Now, you may say, oh well no one will use CBDC’s… they can’t force anyone to use them.  Well, consider this… suppose the only way you could get your Social Security money was through CBDC’s.  Same goes with Welfare and SNAP assistance.  It’s likely ANY money you get from the government will be in the form of CBDC’s when this is fully rolled out.  I suspect they will start with something along the lines of the Covid checks we all got.  The government will call it something like an Economic Relief Payment, but the only way you can get the money is to set up a CBDC wallet and the funds will be deposited ONLY to that wallet. 

Ask yourself this question… if the government was going to give you say $5000., but you had to set up a digital wallet to receive the funds… would you do it?  BOOM… now you are locked into CBDC’s the government gave you.  It will be just like what you may have heard drug dealers do, they give you the first bit of drugs for free because once you’re hooked you will be back for more.  I suspect at first there will be no restrictions on this money so that you get comfortable using it.  It will spend just like credit cards do today, painless.  Then slowly, like the frog in water theory, they turn up the heat (add minor restrictions) slowly so that you don’t even know it until it’s too late, the water is boiling (restrictions in full effect).  By that time there will be no cash money to revert back to.  BOOM… you’re hooked just like the addict. 

What do you think of CBDC’s ?  Will you use them ?  Are you looking forward to a cashless society ?  Do you think the government would never put restrictions on the spending of the funds like the “conspiracy theorists” think ?  Add your thoughts and comments below.  Tell other what you think about this subject.